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Vivendi closes GVT sale, gets Telecom Italia stake
2015-05-30 07:25:59| Telecom - Topix.net
Vivendi SA on Friday said it has completed the sale of its Brazilian telecom unit GVT to Telefonica SA a move that will add another cash pile to its already large money reserve and make the French group a significant shareholder in Italian telecom company Telecom Italia SpA Vivendi will in coming weeks own 8.3% of Telecom Italia's capital, which was part of the deal as agreed with Telefonica last September. Vivendi said it will receive 4.2 billion euros in cash, before tax, and get a 12% stake in Vivo, Telefonica's Brazilian unit merged with GVT.
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Category:Telecommunications